There are multiple schools of thought that have been developed over time. There are no good vs bad schools of thought, just optimized differently.
The main schools of thought include:
Adrian Slywotsky, Henry Chesbrough’s Open Innovation, Rotman’s Design Works, Gerry Lameiro, Joan Magretta, Business Model Navigator, Alex Osterwalder’s Business Model Generation, Allan Afueh, each major consultancy developed their own views.
I have developed methods that steals the best and invents the rest. The areas of innovation include customer value gaps, ecosystem business models and strategic context.